FINRA, FDA, HIPAA, SARBOX and ITAR, are regarded as curse words in social media and workforce collaboration circles. People don’t want to say them. They don’t want to hear them and they really really don’t want the regulators to swing by for a “chat.” The outcomes created by this mentality are predictable: hesitancy when approaching new technology, over-engineered solutions that inhibit adoption and the pursuit of risky grassroots experimentation.
Intuit is frequently referred to as one of the rare examples of a successful social business that operates within the confines of a regulated industry. Christine Morrison, Intuit’s Social Media Marketing Manager and architect of much of this success, recently shared some lessons learned from Intuit’s journey at Social Business Summit 2010.
Common wisdom says that being a large company in a regulated industry somewhat forfeits your ability to conduct business in a social manner. There are just too many rules; it’s just too risky. Right? There is some truth to this belief, but we think there are several ways to engage. Think of social engagement in phases, balanced by the risk and reward of each.
Most companies ban the use of public social networks like MySpace, Facebook, and Twitter for various reasons ranging from security issues to fear of productivity losses. Socialware has launched some limited free trials of their tools to help people better understand their value.